Published Date: 23-Sep-2022
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According to a new report, published by KBV research, The Global Gas Water Heater Market size is expected to reach $10.4 billion by 2028, rising at a market growth of 6.0% CAGR during the forecast period.
The Storage segment is showcasing a CAGR of 7.3% during (2022 - 2028). The growth of the segment is constantly increasing as a result of the fact that storage gas water heaters can easily and quickly meet the demand for an increased volume of water. In these heaters, hot water keeps getting stored in the storage tanks, which dispense water as per the requirement of the customers. Hence, this factor is playing a major role in accelerating the growth of this segment of the market.
The Commercial segment acquired maximum revenue share in the Global Gas Water Heater Market by Application in 2021 thereby, achieving a market value of $5.3 billion by 2028. Commercial gas heaters are rapidly gaining popularity in several urbanized and advanced areas. Commercial water heaters are intended to manage heavy demands. They are distinguished by their distinctive designs, effective operation, high capacity, safe use, and simple adaptability.
The Outdoor segment has shown the growth rate of 7.7% during (2022 - 2028). The rise in the growth of the segment is majorly owing to the rapid surge in the demand for gas water heaters from the commercial sector. This type of water heater is made with a very robust build in order to gain the ability to survive tough and harsh weather conditions. In a residential application, this type of gas water heater is best suited for houses with very limited space.
The LPG segment is generating highest revenue share the Global Gas Water Heater Market by Fuel Type in 2021 thereby, achieving a market value of $7.9 billion by 2028. The rise in the growth of the segment is primarily attributed to the increasing number of subsidies as well as various other government incentives for the purchase of LPG all over the world. Moreover, LPG is a very low-cost alternative for energy in water heaters.
The North America market dominated the Global Gas Water Heater Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $3 billion by 2028. The Europe market is exhibiting a CAGR of 5.8% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 6.6% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/gas-water-heater-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Robert Bosch GmbH (Bosch Thermotechnology Corporation), A. O. Smith Corporation, Haier Smart Home Co., Ltd. (Haier Group Corporation), Lennox International, Inc., Rheem Manufacturing Company, Ariston Holding N.V., BDR Thermea Group, and Bradford White Corporation.
By Product Type
By Installation Type
By Fuel Type
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